With gold prices at record levels, investment demand for the yellow metal surged in the first quarter. But not in the United States. Asian markets primarily drove gold coin and bar demand.

In this episode of the Money Metals' Midweek Memo, host Mike Maharrey digs into the demand data for Q1, focusing specifically on physical investment demands and highlighting the dichotomy between Asian and American markets. Along the way, he explains the difference between investing in gold-backed ETFs and physical metal, and explains how the value of gold scrap is determined.